On-Chain Sleuth Flags AscendEX Over Stalled Withdrawals and Thin Hot-Wallets

Thin balances in publicly linked hot wallets with user reports of withdrawals lacking TXIDs have increased calls for clear, verifiable proof of reserves.

Overview

On Friday, June 26, 2026, investigator ZachXBT published an alert after multiple users reported withdrawals delayed for days or weeks with no transaction ID provided.
ZachXBT’s review using Arkham and TRM found AscendEX hot wallets that appeared low on major assets such as ETH, USDT, USDC, and SOL and he shared linked wallet addresses across EVM, Tron, and Solana networks.
Many users say withdrawal requests remain in an “initiating” state with support offering only brief acknowledgements and no on-chain TXID to verify transfers.
AscendEX has not issued a public response to the allegations at the time of reporting and affected customers are being targeted by fraudulent recovery services that demand upfront fees.
Thin hot-wallet balances are a warning sign but do not by themselves prove insolvency because exchanges can hold bulk reserves in cold storage or third-party custody, and the situation could prompt wider demands for independent proof-of-reserves and clearer exchange communication.